Optical coherence tomography (OCT) is a revolutionizing in-vivo imaging technique for addressing medical needs in early diagnosis and effective disease management. OCT is rapid, safe, and is increasingly being recognized as the gold standard for diagnosis of retinal disease. The potential of OCT in many other applications is currently being explored, such as in developmental biology, skin cancer diagnostics, vulnerable plaque detection in cardiology, esophageal diagnostics and a number of other applications within oncology. Optical coherence tomography is a micrometer-scale imaging modality that permits label-free, cross-sectional imaging of biological tissue microstructure using tissue backscattering properties. It typically uses light in the near-infrared spectral range which has a penetration depth of several hundred microns in tissue.
The driving factors for optical coherence tomography market are increase in the number of patients suffering from eye disorders, rise in geriatric population and increase in awareness about advanced diagnostic techniques such optical coherence tomography and its applications. The rise in number of eye disorders such as cataracts, glaucoma, age-related macular degeneration, which is primary cause of vision loss, results in demand for advanced diagnostic technique such as optical coherence tomography, thus is predicted to fuel the growth of market.
For instance, according to report of World Health Organization 2022, stated that, globally 94 million people suffered from cataract and 7.7 million from glaucoma in 2021, thus increase in the patient population suffering from cataracts and glaucoma is expected to boost the demand for OCT devices, thereby driving the growth of market. Further, rise in awareness and adoption of optical coherence tomography (OCT) for diagnosis of eye diseases and cancers are expected to drive the growth of market.
However, high cost of optical coherence tomography (OCT) devices is a factor which restrains the growth of market. In addition, the absence of favorable reimbursement policies is also expected to hamper the growth of the market. The global optical coherence tomography market is segmented into type, technology, application, and region. By type, the market is categorized into catheter-based OCT devices, handheld OCT devices and tabletop OCT devices. By application, the market is categorized into ophthalmology, cardiovascular, and others. By end user, the market is categorized into hospitals, clinics and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global optical coherence tomography market are Abbott Laboratories, Carl Zeiss Meditec Group, Danaher Corporation (Leica Microsystems), Metall Zug AG (HAAG-STREIT GROUP), Michelson Diagnostics Ltd., NIDEK CO., LTD, Novacam Technologies, Inc., OPTOPOL Technology Sp. z o.o., Thorlabs, Inc and Topcon Corporation.
The driving factors for optical coherence tomography market are increase in the number of patients suffering from eye disorders, rise in geriatric population and increase in awareness about advanced diagnostic techniques such optical coherence tomography and its applications. The rise in number of eye disorders such as cataracts, glaucoma, age-related macular degeneration, which is primary cause of vision loss, results in demand for advanced diagnostic technique such as optical coherence tomography, thus is predicted to fuel the growth of market.
For instance, according to report of World Health Organization 2022, stated that, globally 94 million people suffered from cataract and 7.7 million from glaucoma in 2021, thus increase in the patient population suffering from cataracts and glaucoma is expected to boost the demand for OCT devices, thereby driving the growth of market. Further, rise in awareness and adoption of optical coherence tomography (OCT) for diagnosis of eye diseases and cancers are expected to drive the growth of market.
However, high cost of optical coherence tomography (OCT) devices is a factor which restrains the growth of market. In addition, the absence of favorable reimbursement policies is also expected to hamper the growth of the market. The global optical coherence tomography market is segmented into type, technology, application, and region. By type, the market is categorized into catheter-based OCT devices, handheld OCT devices and tabletop OCT devices. By application, the market is categorized into ophthalmology, cardiovascular, and others. By end user, the market is categorized into hospitals, clinics and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global optical coherence tomography market are Abbott Laboratories, Carl Zeiss Meditec Group, Danaher Corporation (Leica Microsystems), Metall Zug AG (HAAG-STREIT GROUP), Michelson Diagnostics Ltd., NIDEK CO., LTD, Novacam Technologies, Inc., OPTOPOL Technology Sp. z o.o., Thorlabs, Inc and Topcon Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the optical coherence tomography (oct) market analysis from 2021 to 2031 to identify the prevailing optical coherence tomography (oct) market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the optical coherence tomography (oct) market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global optical coherence tomography (oct) market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Catheter-based OCT
- Handheld OCT Devices
- Tabletop OCT Devices
By Application
- Ophthalmology
- Cardiovascular
- Others
By End User
- Hospitals
- Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Carl Zeiss Meditec AG
- NIDEK CO., LTD
- Metall Zug AG
- Danaher Corporation
- Michelson Diagnostics Ltd.
- OPTOPOL Technology Sp. z o.o.
- Novacam Technologies, Inc.
- Thorlabs, Inc
- Abbott Laboratories
- Topcon Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OPTICAL COHERENCE TOMOGRAPHY (OCT) MARKET, BY TYPE
CHAPTER 5: OPTICAL COHERENCE TOMOGRAPHY (OCT) MARKET, BY APPLICATION
CHAPTER 6: OPTICAL COHERENCE TOMOGRAPHY (OCT) MARKET, BY END USER
CHAPTER 7: OPTICAL COHERENCE TOMOGRAPHY (OCT) MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Optical Coherence Tomography (OCT) Market," the optical coherence tomography (oct) market was valued at $1.2 billion in 2021, and is estimated to reach $2.9 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.The Optical Coherence Tomography (OCT) Market is likely to experience a significant growth rate of 8.6% from 2022-2031 owing to increasing market demand Handheld OCT Devices segment.
Optical coherence tomography (OCT) is a non-invasive imaging technique that uses light waves to produce high-resolution, cross-sectional images of biological tissues. OCT is commonly used in ophthalmology to visualize the retina and diagnose various retinal diseases, including macular degeneration, diabetic retinopathy, and glaucoma. In addition, OCT devices are also used in other medical specialties, such as cardiology, and dermatology, to visualize internal structures and diagnose various conditions.
Key factors driving the growth of the optical coherence tomography (OCT) market are increasing prevalence of eye diseases and technological advancements for development of portable OCT device. The rising prevalence of eye diseases, such as age-related macular degeneration, diabetic retinopathy, and glaucoma, is one of the major drivers of the OCT market. For instance, according to report of Centers for Disease Control and Prevention 2021, stated that, in U.S., 19.8 million people suffered from age-related macular degeneration and 20.5 million from cataract in 2020, resulting in demand of optical coherence tomography (OCT), thereby is anticipated to contribute to growth of market.
Moreover, rise in adoption of OCT in various disease diagnosis is expected to drive the growth of market. In China, rise in adoption of optical coherence tomography (OCT) devices for diagnosis of many eyes related disorders is observed, which is expected to drive the growth of market. For instance, according to article published in National Library of Medicine 2020, stated that, in China, ENT Hospital of Fudan University (EENT Hospital) and Shanghai Tenth People's Hospital (TENTH Hospital) used optical coherence tomography (OCT) to identify pathologic retinal cases and concluded optical coherence tomography to be effective in retinal disorders screening.
Further, at-home disease monitoring OCT devices are also available and may be more cost-effective for monitoring patients at high-risk of developing eye disorders such as neovascular AMD. In addition, efficiencies of automated systems, such as binocular OCT, which have the potential of reducing cost, increasing quality of data, and introducing novel applications of OCT that can revolutionize many aspects of the eye diagnosis are expected to drive growth of market. In addition, aging population is more susceptible to eye diseases, driving the demand for OCT devices for early detection and treatment of age-related eye diseases is expected to increase.
Further, increase in awareness by government regarding use of optical coherence tomography for eye diagnosis is expected to fuel the growth of market. For instance, according to report Canadian Ophthalmological Society 2020, stated that, it has developed ‘OCTcases platform’ where medical students, optometry students, residents, and eye care professionals to upgrade their skills in interpreting optical coherence tomography scans. Thus, such initiatives and awareness regarding optical coherence tomography is expected to fuel the growth of the market.
The market also offers growth opportunities to the key players in the market. Many developing regions such India and Brazil offer lucrative opportunities to key players of optical coherence tomography (OCT) market owing to high population base, increase in demand of advanced and portable OCT device for disease diagnosis and increase in healthcare spending.
The global optical coherence tomography market is segmented into type, technology, application, and region. By type, the market is categorized into catheter-based OCT devices, handheld OCT devices and tabletop OCT devices. By application, the market is categorized into ophthalmology, cardiovascular, and others. By end user, the market is categorized into hospitals, clinics and others.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include Abbott Laboratories, Carl Zeiss Meditec Group, Danaher Corporation (Leica Microsystems), Metall Zug AG (HAAG-STREIT GROUP), Michelson Diagnostics Ltd., NIDEK CO., LTD, Novacam Technologies, Inc., OPTOPOL Technology Sp. z o.o., Thorlabs, Inc and Topcon Corporation. The players in the market have been actively engaged in the adoption various strategies such product launch, product approval, product development acquisition to remain competitive and gain advantage over the competitors in the market. For instance, in April 2019, Carl Zeiss Meditec AG launched the first dual-speed Swept-Source OCT/OCTA that will now scan at 200kHz, in addition to 100kHz, providing doctors a deeper and more detailed view into the retina enabling visualization options for various diseases.
Key Market Insights
- On the basis of type, the handheld OCT device segment was highest contributor to the market in 2021.
- On the basis of application, the ophthalmology segment dominated the market in terms of revenue in 2021. However, others segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of end user, the hospitals segment accounted for largest share in terms of revenue in 2021.
- Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Carl Zeiss Meditec AG
- NIDEK CO., LTD
- Metall Zug AG
- Danaher Corporation
- Michelson Diagnostics Ltd.
- OPTOPOL Technology Sp. z o.o.
- Novacam Technologies, Inc.
- Thorlabs, Inc
- Abbott Laboratories
- Topcon Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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